LONDON, Jan. 12, 2016 /PRNewswire/ -- The thermoplastic composites market size of end products in terms of value is projected to reach around $9.9 billion by 2020 and is expected to grow at a CAGR of 6.5% between 2015 and 2020. Major market segments which are expected to drive this market are transportation, aerospace & defense, electrical & electronic, and consumer goods.
Agreements & partnerships and expansion of production capacity were the key strategies adopted by industry players to maintain growth in the thermoplastic composites market. The thermoplastic composites has wide industrial applications and new collaborations and agreements are paving the way for fulfilling the ever changing demand for new applications with better physical and mechanical properties. As a result of this, a diverse application base is developing for thermoplastic composites. Market players are focusing on signing new agreements with end-user companies especially in aerospace, automotive, industries that can meet the growing demand for thermoplastic composite.
The market demand for the use of thermoplastic composites is increasing across a wide spectrum of applications, and sustained growth is expected for thermoplastic composites in the electrical and electronics, transportation, and aerospace & defense industry segments over the next five years. Very fast part forming cycle time and high impact strength are boosting the penetration of thermoplastic in these applications.
The presence of emerging economies such as India and China are helping the thermoplastic composites market to grow in the Asia-Pacific region. The freeing up and privatization of the industry, and massive foreign investment combined with low costs are factors responsible for this growth. Growing environment concern and demand for high fuel efficient cars has led to an increase in demand for thermoplastic composites from the automotive Industry. China is the largest market for market automobiles activities in Asia-Pacific helping it to secure the top position in Asia-Pacific thermoplastic composites market.
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